National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2022 fiscal year and for the six months ended March 31, 2022.
FISCAL 2022 SECOND QUARTER SUMMARY
- GAAP net income of $167.3 million, or $1.82 per share, compared to GAAP net income of $112.4 million, or $1.23 per share, in the prior year, an increase of 48% per share.
- Adjusted operating results of $154.4 million, or $1.68 per share, an increase of 25%, compared to $1.34 per share, in the prior year (see non-GAAP reconciliation on page 2).
- Adjusted EBITDA of $337.6 million, an increase of 13%, compared to $298.4 million in the prior year (see non-GAAP reconciliation on page 24).
- Published inaugural Climate Report in March 2022, which further aligns the Company’s climate-risk disclosures with the Task Force on Climate-Related Financial Disclosures framework, and evaluates the resilience of our operations to potential risks associated with climate change, including a less than 2-degree Celsius scenario.
- Achieved certification under Project Canary’s TrustWellTM responsibly sourced gas program with Platinum or Gold ratings for all 121 wells included in pilot, which combined, produce approximately 300 million cubic feet per day, or approximately 30%, of the Company’s Appalachian production. This accreditation is in addition to the prior certification of 100% of the Company’s Appalachian production as responsibly sourced under Equitable Origin’s EO100TM Standard for Responsible Energy Development.
- Company is increasing its fiscal 2022 earnings guidance to a range of $5.70 to $6.00 per share, an increase of $0.50 per share at the midpoint, excluding items impacting comparability (see Guidance Summary on page 8).